CEO Vlad Martynov said that Yota is looking to take advantage of the recent restructuring by the Waterloo based smart phone giant to tap into a talent pool of designers and engineers currently sitting on the bench.

Among those people there are brilliant engineers,” said Mr. Martynov during an interview in Toronto on Wednesday.”What we do is we pick up those engineers and bring them to the company.

Mr Martynov also said that several of his company's executives are from Canada as well.

Yota looks to raise $100 millionin capitol with the help of Canadian base investment bank Jacob Securities, and potentially list the company on the Toronto Stock Exchange by 2015.

Martynov said the company was looking at either Canada or the United States, but ultimately went with Canada due to it's lower corporate tax rates.

Yota Devices, whose flagship unit is an Android-based smartphone, features screens on both sides of the device.